Mobile Area Networks, Inc.(fka MANW)

[Renee]

The SEC A.L.J. doesn't usually elaborate in Initial or Final Rulings when all companies in a Proceeding have failed to satisfy the Admin Proceeding ordering Financials.

Since MANW has filed all delinquent Financials, including the audited 10K's, the SEC A.L.J. is considering whether to permit MANW to continue as an SEC Registrant or to still revoke the stock registration. This is a rare occasion where an SEC Suspended company (for Financials delinquencies) has attempted to comply with the concomitant Admin Proceeding. PELE also complied with the Admin Proceeding but their 10K's and other Financials were deficient and the SEC A.L.J. did not give the company any wiggle room to satisfy any of the deficiencies and the stock was revoked.

I think the SEC A.L.J.'s ruling will sway on whether MANW's audited Financials are completely adequate and accurate with no deficiencies whatsoever, or the stock would likely be revoked on the zero wiggle room similar to PELE. And if MANW is permitted to remain an SEC Registrant I surmise the SEC will have zero tolerance for any future Financials delinquencies.

The brackets comments are mine and hilited in red.

Excerpts: (the consideration to permit MANW to remain an SEC Registrant)

The Commission “consider[s], among other things, the seriousness of the issuer’s violations, the isolated or recurrent nature of the violations, the degree of culpability involved, the extent of the issuer’s efforts to remedy its past violations and ensure future compliance, and the credibility of its assurances, if any, against further violations.

Excerpt: (the consideration to revoke MANW's registration because of past delinquencies and harm to investors)

The Seven Respondents’ failure to file required periodic reports is serious because it violates a central provision of the Exchange Act. The purpose of periodic reporting is “to supply investors with current and accurate financial information about an issuer so that they may make
sound [investment] decisions.” Id. at *26. The reporting requirements are the primary tool that Congress fashioned for the protection of investors from negligent, careless, and deliberate misrepresentations in the sale of securities.

The Seven Respondents are also culpable because they failed to heed delinquency letters sent to them by the Division of Corporation Finance..